Financial performance and market value sector telephony in Brazil

Detalhes bibliográficos
Autor(a) principal: Silva, Carolina Terra Resende
Data de Publicação: 2015
Outros Autores: Santos, David Ferreira Lopes
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Ciências Administrativas (Fortaleza. Online)
Texto Completo: https://ojs.unifor.br/rca/article/view/3419
Resumo: This study investigated the relationship between traditional metrics of financial performance and the impact on the market value of the telephony companies in the Brazil, with stock in BM&FBOVESPA between 2002 and 2012. Constructed a database containing financial statements of the four companies with complete information for the period (TIM, Vivo, Embratel and Oi), which is based analyzed by regression using panel data method. The results indicate that traditional indicators of financial performance ROS, ROI, ROE, EBITDA margin were not able to explain the variation in market value, either, the metrics of value added EVA, MVA and RROI. In explaining the market value of these companies the Investment and WACC (Weighted Capital Average Cost) were found as significant. Keywords: Market Value. Financial Performance. Sector Telephony.
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spelling Financial performance and market value sector telephony in BrazilDesempenho financeiro e valor de mercado do setor de telefonia no Brasil (Financial performance and market value sector telephony in Brazil)This study investigated the relationship between traditional metrics of financial performance and the impact on the market value of the telephony companies in the Brazil, with stock in BM&FBOVESPA between 2002 and 2012. Constructed a database containing financial statements of the four companies with complete information for the period (TIM, Vivo, Embratel and Oi), which is based analyzed by regression using panel data method. The results indicate that traditional indicators of financial performance ROS, ROI, ROE, EBITDA margin were not able to explain the variation in market value, either, the metrics of value added EVA, MVA and RROI. In explaining the market value of these companies the Investment and WACC (Weighted Capital Average Cost) were found as significant. Keywords: Market Value. Financial Performance. Sector Telephony.O trabalho proposto estudou a relação entre métricas tradicionais de desempenho financeiro e o impacto no valor de mercado das empresas de telefonia do Brasil presentes na BM&FBOVESPA entre 2002 e 2012. Construiu-se uma base de dados com informações trimestrais das quatro empresas com informações completas no período (TIM, Vivo, Embratel e Oi), sendo esta base analisada por meio de regressão com dados em painel. Os resultados assinalam que os indicadores tradicionais de desempenho financeiro ROS, ROI, ROE, Margem EBTIDA não foram capazes de explicar a variação no valor de mercado, tampouco as métricas de valor agregado EVA, MVA e RROI. Encontraram-se como significativos na explicação do valor de mercado destas empresas o Investimento realizado e o custo médio ponderado de capital (WACC). DOI: 10.5020/2318-0722.2015.v21n1p42Universidade de Fortaleza2015-10-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojs.unifor.br/rca/article/view/3419Revista Ciências Administrativas; v. 21 n. 1 (2015)2318-0722reponame:Revista Ciências Administrativas (Fortaleza. Online)instname:Universidade de Fortaleza (UNIFOR)instacron:UNIFORporhttps://ojs.unifor.br/rca/article/view/3419/pdfSilva, Carolina Terra ResendeSantos, David Ferreira Lopesinfo:eu-repo/semantics/openAccess2020-04-02T18:29:06Zoai:ojs.ojs.unifor.br:article/3419Revistahttps://periodicos.unifor.br/rcahttp://ojs.unifor.br/index.php/rca/oai||revcca@unifor.br|| sergioforte@unifor.br2318-07221414-0896opendoar:2020-04-02T18:29:06Revista Ciências Administrativas (Fortaleza. Online) - Universidade de Fortaleza (UNIFOR)false
dc.title.none.fl_str_mv Financial performance and market value sector telephony in Brazil
Desempenho financeiro e valor de mercado do setor de telefonia no Brasil (Financial performance and market value sector telephony in Brazil)
title Financial performance and market value sector telephony in Brazil
spellingShingle Financial performance and market value sector telephony in Brazil
Silva, Carolina Terra Resende
title_short Financial performance and market value sector telephony in Brazil
title_full Financial performance and market value sector telephony in Brazil
title_fullStr Financial performance and market value sector telephony in Brazil
title_full_unstemmed Financial performance and market value sector telephony in Brazil
title_sort Financial performance and market value sector telephony in Brazil
author Silva, Carolina Terra Resende
author_facet Silva, Carolina Terra Resende
Santos, David Ferreira Lopes
author_role author
author2 Santos, David Ferreira Lopes
author2_role author
dc.contributor.author.fl_str_mv Silva, Carolina Terra Resende
Santos, David Ferreira Lopes
description This study investigated the relationship between traditional metrics of financial performance and the impact on the market value of the telephony companies in the Brazil, with stock in BM&FBOVESPA between 2002 and 2012. Constructed a database containing financial statements of the four companies with complete information for the period (TIM, Vivo, Embratel and Oi), which is based analyzed by regression using panel data method. The results indicate that traditional indicators of financial performance ROS, ROI, ROE, EBITDA margin were not able to explain the variation in market value, either, the metrics of value added EVA, MVA and RROI. In explaining the market value of these companies the Investment and WACC (Weighted Capital Average Cost) were found as significant. Keywords: Market Value. Financial Performance. Sector Telephony.
publishDate 2015
dc.date.none.fl_str_mv 2015-10-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://ojs.unifor.br/rca/article/view/3419
url https://ojs.unifor.br/rca/article/view/3419
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://ojs.unifor.br/rca/article/view/3419/pdf
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade de Fortaleza
publisher.none.fl_str_mv Universidade de Fortaleza
dc.source.none.fl_str_mv Revista Ciências Administrativas; v. 21 n. 1 (2015)
2318-0722
reponame:Revista Ciências Administrativas (Fortaleza. Online)
instname:Universidade de Fortaleza (UNIFOR)
instacron:UNIFOR
instname_str Universidade de Fortaleza (UNIFOR)
instacron_str UNIFOR
institution UNIFOR
reponame_str Revista Ciências Administrativas (Fortaleza. Online)
collection Revista Ciências Administrativas (Fortaleza. Online)
repository.name.fl_str_mv Revista Ciências Administrativas (Fortaleza. Online) - Universidade de Fortaleza (UNIFOR)
repository.mail.fl_str_mv ||revcca@unifor.br|| sergioforte@unifor.br
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